In 2024, the Maryland General Assembly convened on Jan. 10 and adjourned on April 8.
Maryland Realtors issued a recap of all the pertinent legislation affecting the real estate industry. Below is the summary of the real estate brokerage, licensing and contract related legislation that passed, all effective Oct. 1.
HB 143/SB 46 Condominiums - Sales Contracts - Asbestos Disclosure: A unit owner must provide a statement, no later than 15 days prior to closing, on their knowledge of the presence of asbestos in the unit and whether abatement has been performed during the occupancy of the owner.
HB 486/SB 125 Residential Property Sales - Contract Disclosures - Superfund Sites: Sellers of a property located within 1 mile of a National Priorities List (NPL) Superfund site shall include an addendum to the contract that includes information on NPL Superfund sites. Buyers may void the contract and refund money paid to the seller within five days.
HB 520/SB 461 State Real Estate Commission - Complaints - Advertising Violations: Complaints filed with the commission alleging an advertising violation may be made anonymously and not under oath, but must be accompanied by documentary or other evidence.
HB 709/SB 462 Licensed Real Estate Brokers - Branch Offices: This bill authorizes a licensed real estate broker to designate himself or herself as the manager of a branch office maintained by the licensed real estate broker.
HB 1308 Recordation of Instrument With False Information - Quiet Title: This bill prohibits a person from recording a deed or other instrument knowingly containing false information, including information related to the ownership of the property.
SB 423 Real Property - Recordation – Procedures: Upon request, the treasurer, tax collector, or director of finance for a county will provide a certificate outlining any taxes, assessments, and charges due to the county against a property.
SB 542 Real Estate Brokers - Brokerage Agreements - Requirements: This bill requires that written brokerage agreements state the amount of compensation offered in terms of a percentage, dollar amount, or both; whether compensation will be sought from another party; and the process when the amount of compensation offered and received differs.
SB 564 Real Estate Brokers - License Renewals and Continuing Education: Real estate licensees will be required to submit continuing education classes 30 days prior to license expiration. Those submitted less than 30 days prior will be subject to additional fees. Continuing education provider submission times are restored to 14 days.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.